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Volcker rule still under attack from Republicans 

February 10, 2014
Preetisha Sen, Medill News Service

The Volcker Rule was designed to prevent another financial crisis similar to 2009, but critics say it will affect average bankers across the country instead of targeting Wall Street financial institutions.

The House Financial Services Committee examined the Volcker Rule Wednesday in an effort to weigh its impact on job creators. Part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the rule was designed to curtail speculative and risky behavior by preventing U.S. bank holding companies from engaging in “proprietary trading” and from sponsoring hedge funds and private equity funds.

Republican members of the committee say that the rule, named after former Federal Reserve Chairman Paul Volcker, has good intentions but creates far too much collateral damage for the average American.

Read more: UPI
 
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